Chapter 5

Question 1

Economic needs

Answer 1

Consumer decides to buy based on this. Making the best use of the consumer’s time and money.

Ex: Economy of purchase, efficiency in operation, dependability, improvement of earnings, convinience

Question 2

Psychological needs (Including Hierarchy of needs)

Answer 2

variables: motivation, perception, learning, attitude, trust, lifestyle
-Physiological needs: the most basic needs people experience. ex: biological needs for food, liquid, rest, and sex.
-Safety needs: concerned with protection and physical well-being.Examples: health, medicine, exercise, and security.
-Social needs: derived from a person’s interactions with others. Examples: love, friendship, status, esteem, and connecting with others.
-Personal needs: concerned with an individual’s need for personal satisfaction, unrelated to what others do.
Examples: personal satisfaction, accomplishment, fun, freedom, and relaxation.

Question 3

Social Influence

Answer 3

How customers friends and family may influence their purchase decisions. Or people from their age group. Social media platforms may use this to their advantage to advertise products for certain demographics.

Question 4

Purchase situation

Answer 4

the specific circumstances or context in which a buying decision is made.

Question 5

Consumer decision process

Answer 5

This is the process by which consumers evaluate making a purchasing decision. The 5 steps are problem recognition, information search, alternatives evaluation, purchase decision and post-purchase evaluation.

Question 6

Problem solving continuum

Answer 6

Routinized response behavior: regularly selects a particular way of satisfying a need. Typical of low-involvement purchases-purchases that have little importance

Limited Problem Solving- Some effort required to satisfy a need

Extensive Problem Solving- when a lot of effort is put on how to satisfy a need

Question 7

Adoption Process

Answer 7

steps individual go through when accepting or rejecting a new idea
-Awareness - potential customers learns of existence but lacks details
-Interest - gather info if interested
-evaluation -mental trial
-trial- experiment with product
-decision - decides on adoption or rejection
Dissonance may set in after the decision!
-confirmation - rethink decision and find supporting info

Question 8

Dissonance

Answer 8

inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions. AKA Buyer’s remorse